Deposit in Lieu of Bond

  1. Law
  2. Tennessee Code
  3. Commercial Instruments and Transactions
  4. Trade Practices
  5. Invention Development
  6. Deposit in Lieu of Bond

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In lieu of furnishing the bond required by §47-25-1217, the invention developer may deposit with the secretary of state a cash deposit in the like amount. This cash deposit may be satisfied by any of the following:

  1. Certificates of deposit payable to the secretary of state issued by banks doing business in this state and insured by the federal deposit insurance corporation;
  2. Investment certificates of share accounts assigned to the secretary of state and issued by a savings and loan association doing business in this state and insured by the federal deposit insurance corporation;
  3. Bearer bonds issued by the United States government or by this state; or
  4. Cash deposited with the secretary of state.


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